Emerging Trends in The Belize Real Estate Industry – What Investors Need To Know
You can’t talk about the state of the real estate industry without at least acknowledging the devastation wrought by the COVID-19 pandemic. The economic impact of that will still influence housing investment everywhere, but Belize’s housing market was promising before the pandemic and continues to be promising as we work our way past it.
Here’s what you need to know about the current real estate climate in Belize.
A Market Still Influenced by Coronavirus
Few people were looking to move anywhere during the COVID-19 pandemic, but a downturn for current investors can be an asset to future buyers. That’s especially true in places like Belize, where the market has been largely driven by the tourism industry and by Americans and Europeans looking to move abroad after retirement. A successful investor knows exactly the right time to buy. And the question about Belize isn’t whether you should invest. It’s about when. And right now, the market is about ready for a rebound.
The Long Term Perspective
Before the pandemic hit, the tourism and travel industry constituted nearly half of the Belize GDP — and the pandemic didn’t change anything about the characteristics that draw people to Belize. It’s still positioned along the Caribbean Sea with easy access to the world’s second-largest barrier reef, and it’s still going to be there when the market turns around.
The Turnaround on the Tourism Industry
When the tourism industry comes back in full swing, so will the real estate market — and signals seem to indicate that this turn will happen sooner rather than later. Belize’s methodical but certain roll-out of safety measures has earned praise from the international community and has been consistently luring travelers back to the sandy shores of the Caribbean and the wild frontiers of the Cayo District. If you want to invest, you’ll want to be ahead of the curve rather than behind it.
A Variety of Investment Options
Of course, how quickly you should invest and how quickly you should expect a return is really going to depend on the sector you’re looking to invest in. Fortunately, this continues to be a diverse market. Business-friendly tax laws make it easy for commercial or undeveloped land developers to simply invest in property and wait for infrastructure and public interest to follow — but there’s just as much promise investing in resort condos or homes in ex-pat communities. As long as you’re willing to work with a qualified expert on the matter, the time is still right for investing in this real estate market.